As a landlord, wouldn’t it be great to own an investment property that everyone queued to rent?
Whether it be your first investment property or adding to your property portfolio, wouldn’t it make sense to try and buy a property that matches most of, if not all of their criteria? Your property would be easier to rent and in higher demand, resulting in lower vacancy rates and potentially the maximum rent achievable for the surrounding area.
More and more tenants are also Landlords themselves and the search for a rental property should be treated no differently to that of a search for the sale of a property. Even though price is a large considering factor for most tenants, it is the extras that your property may hold that will complement their lifestyle that will ultimately be the deciding factor on whether or not they rent your property.
It is important that the presentation of the property be right from the start! This means from the online search. Professional photography is therefore a must. You want your property to stand out and be shown in the best light from the very start. This will ultimately determine whether your property even makes it to the short list of properties to inspect. It is important to keep the yard and the property well maintained and presentable upon inspection also.
This is increasingly becoming a ‘must have’ in the home. It seems to be getting hotter each year and having air conditioning will certainly add interest and appeal to your property.
Location, location, location! This does not change if you are selling, buying or renting. We all like the convenience of having amenities like shops, schools, transport and cafes close by, tenants are no different. Make it easy for your tenants when advertising the property and tell them how far it is to walk or drive to these facilities.
Also consider the number of other properties to rent in the area or suburb and what they have to offer. If you are competing with a lot of other properties for a tenant, this can have a big impact on your rental return.
Car parking needs are on the rise on tenant’s checklists, especially if you are in or around the City centres. Whether this is parking on the property title or an additional leased car park in the same building this will add value and appeal to your property.
For all most all tenants having a dishwasher in a rental property has become a must. No one has time or enjoys using their time to wash up dishes! If you have room to accommodate a dishwasher in the layout of your kitchen, install one.
Technology is now part of life. If you can access and or offer NBN connectivity or high-speed internet access, do it.
How maintenance is handled and the time frame in which it is handled can often contribute to a long or short term tenancy. Imagine how frustrating it would be if you had something broken in your home and could not fix it. Tenants will certainly move on from your property if maintenance issues are not addressed. Just like cars, investment properties cost money to run, so be prepared to set money aside to cope with unforeseen maintenance.
When leasing a property, tenants commonly ask “Will this room fit a queen sized bed and side tables?” It is important to pay attention to the size of bedrooms and also the design and layout of the room. Good sized bedrooms can make or break a property for tenants and it can contribute to the vacancy period of the property.
Having storage capabilities in a rental property is a big bonus for tenants. Having built-ins or fixed cupboards in the bedrooms is essential. Any other form of storage whether it be multiple linen cupboards, garage space or garden sheds are also highly sort after.
In Queensland, we have such a great outdoor lifestyle and as such, most people are always looking for an entertainment area that is both welcoming and private. A pergola, veranda or even deck or balcony can add considerable value to a property and are commonly part of a tenant’s checklist of wants.
We are a nation of pet lovers with statistics showing that 63% of Australian households own pets however it is amazing in this day and age that some landlords do not want tenants to have any pets whatsoever. A high priority for many tenants is a pet friendly home and yard.
Having a pet friendly property largely opens up the range of tenants who will consider renting your property. Our property managers thoroughly check that the property would be the right fit for a tenant with a pet. In addition to this we sort previous history which often indicates if they are responsible pet owners as well as having a separate pet agreement signed in addition to a provision in the tenancy agreement to have the property treated for flea control at the end of the tenancy.
Anita Genrich – Orbit Property